@Avril AnnThis sounds like a strange set of circumstances to me.

It can be done depending on circumstances.  

@Gary Libero unfortunately you will have trouble tapping that equity for a period of time.

Unfortunately we haven't had any sellers thus far interested in working with us let alone even counter. 

Unfortunately for you and most new landlords (myself included), tenants will play to your emotional side, and being a nice person you want to work with them.

Our circumstance is similar.Theresa Harris, question for you:      On our first rental, we're sitting on @ $130K cash/equity after refinancing in October this year to capture a 2.89% on a 30 year conventional--and we took out cash up to 70% LTV. 

Unfortunately, I didn't track mileage at all so I was hoping a vehicle purchase would make up for my poor record keeping. 

Her story is unfortunate, but irrelevant.

If they don't get back to you within a few days then file the eviction process which could take 3-5 weeks in most areas (slower due to holidays probably)Unfortunately, the tenant isn’t answering so I guess cash for keys isn’t an option.

Unfortunately PMs have no vested interest in ensuring this does not happen...